Montana

Deal announced to merge Big Sky, Moonlight Basin

 

The owners of Big Sky Resort and the Yellowstone Club in southwestern Montana are planning to buy Moonlight Basin with the aim of creating a giant resort of more than 5,700 skiable acres north of Yellowstone National Park.

The deal would combine Big Sky’s and Moonlight Basin’s operations for one ski resort on both sides of Lone Mountain with 23 chairlifts and 10 surface lifts over 4,350 vertical feet, according to the Wednesday announcement by CrossHarbor Capital Partners LLC and Boyne Resorts.

CrossHarbor, the Boston-based investment firm that owns the ultra-exclusive Yellowstone Club, and Boyne Resorts, which owns Big Sky, also recently purchased the nearby Spanish Peaks resort community for $26.1 million.

The companies said they entered into a purchase agreement with a Lehman Brothers Holdings Inc. subsidiary to buy Moonlight Basin as “the next step in the creation of one of the largest and most compelling mountain resort experiences in North America.”

Future development of the three resorts will be coordinated for economic stability and growth, while promoting stewardship and environmental sensitivity, according to the statement from the two companies.

Terms of the agreement were not disclosed. The deal is expected to close in the next several weeks, the Bozeman Daily Chronicle reported Thursday.

CrossHarbor spokesman Greg Hitt declined to provide further details about the deal.

Lehman Brothers bought Moonlight Basin in 2012, three years after the resort filed for bankruptcy when the New York-based bank foreclosed on an outstanding $170 million loan. The resort had put up its lodge, spa, golf course and other assets as collateral against the loan.

Lehman Brothers turned over management of the resort to Alvarez & Marshal, a firm that oversees its real estate holdings, with the understanding that it would continue searching for a buyer.

Read more Just In! | Travel News stories from the Miami Herald

  • Florida Keys

    Infrared camera catches sea turtle hatchlings

    A live-streaming webcam has recorded loggerhead sea turtle hatchlings emerging from a nest on a Florida Keys beach.

  • House bill would let airlines advertise fares without fees or taxes

    In a victory for airlines and their workers’ unions, the House rejected consumers’ complaints and passed legislation Monday letting airline advertising emphasize the base price of tickets, before taxes and fees are added.

  •  
 <span class="cutline_leadin">RainRap Rain Poncho</span>

    Gear + Gadgets

    Reigning rain wrap

    Sometimes a raincoat is too bulky to schlep; a plastic poncho too tacky. That may be just the time for a RainRap. This softer, classier water-repellant polyester wrapping poncho has a double-sided button closure and a built-in hood. And it’s reversible, with a range of bright and/or muted color combinations, from black/grey to hot pink/orange, and a black/leopard print. The RainRap has a cape-like flow and drapes to about 26 inches in length at the back. A longer version, the SpiritRap is 35 inches long, and comes in a variety of team color combinations for wet days at the stadium. The fast-drying light-weight (8 ounces) cover-up is one-size-fits-all and stashes in an included travel pouch, which in turn stashes unobtrusively in a purse or knapsack until needed.

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK



  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category